Best of the Week
Most Popular
1. TESLA! Cathy Wood ARK Funds Bubble BURSTS! - 12th May 21
2.Stock Market Entering Early Summer Correction Trend Forecast - 10th May 21
3.GOLD GDX, HUI Stocks - Will Paradise Turn into a Dystopia? - 11th May 21
4.Crypto Bubble Bursts! Nicehash Suspends Coinbase Withdrawals, Bitcoin, Ethereum Bear Market Begins - 16th May 21
5.Crypto Bubble BURSTS! BTC, ETH, XRP CRASH! NiceHash Seizes Funds on Account Halting ALL Withdrawals! - 19th May 21
6.Cathy Wood Ark Invest Funds Bubble BURSTS! ARKK, ARKG, Tesla Entering Severe Bear Market - 13th May 21
7.Stock Market - Should You Be In Cash Right Now? - 17th May 21
8.Gold to Benefit from Mounting US Debt Pile - 14th May 21
9.Coronavius Covid-19 in Italy in August 2019! - 13th May 21
10.How to Invest in HIGH RISK Tech Stocks for 2021 and Beyond - Part 2 of 2 - 18th May 21
Last 7 days
Virgin Media Fibre Broadband Installation - What to Expect, Quality of Wiring, Service etc. - 21st Jun 21
Feel the Inflationary Heartbeat - 21st Jun 21
The Green Superfuel That Could Disrupt Global Energy Markers - 21st Jun 21
How Binance SCAMs Crypto Traders with UP DOWN Coins, Futures, Options and Leverage - Don't Get Bogdanoffed! - 20th Jun 21
Smart Money Accumulating Physical Silver Ahead Of New Basel III Regulations And Price Explosion To $44 - 20th Jun 21
Rambling Fed Triggers Gold/Silver Correction: Are Investors Being Duped? - 20th Jun 21
Gold: The Fed Wreaked Havoc on the Precious Metals - 20th Jun 21
Investing in the Tulip Crypto Mania 2021 - 19th Jun 21
Here’s Why Historic US Housing Market Boom Can Continue - 19th Jun 21
Cryptos: What the "Bizarre" World of Non-Fungible Tokens May Be Signaling - 19th Jun 21
Hyperinflationary Expectations: Reflections on Cryptocurrency and the Markets - 19th Jun 21
Gold Prices Investors beat Central Banks and Jewelry, as having the most Impact - 18th Jun 21
Has the Dust Settled After Fed Day? Not Just Yet - 18th Jun 21
Gold Asks: Will the Economic Boom Continue? - 18th Jun 21
STABLE COINS PONZI Crypto SCAM WARNING! Iron Titan CRASH to ZERO! Exit USDT While You Can! - 18th Jun 21
FOMC Surprise Takeaways - 18th Jun 21
Youtube Upload Stuck at 0% QUICK FIXES Solutions Tutorial - 18th Jun 21
AI Stock Buying Levels, Ratings, Valuations Video - 18th Jun 21
AI Stock Buying Levels, Ratings, Valuations and Trend Analysis into Market Correction - 17th Jun 21
Stocks, Gold, Silver Markets Inflation Tipping Point - 17th Jun 21
Letting Yourself Relax with Activities That You Might Not Have Considered - 17th Jun 21
The Federal Reserve and Inflation - 16th Jun 21
Inflation Soars 5%! Will Gold Skyrocket? - 16th Jun 21
Stock Market Sentiment Speaks: Inflation Is For Fools - 16th Jun 21
Four News Events That Could Drive Gold Bullion Demand - 16th Jun 21
5 ways that crypto is changing the face of online casinos - 16th Jun 21
Transitory Inflation Debate - 15th Jun 21
USDX: The Cleanest Shirt Among the Dirty Laundry - 15th Jun 21
Inflation and Stock Market SPX Record Highs. PPI, FOMC Meeting in Focus - 15th Jun 21
Stock Market SPX 4310 Right Around the Corner! - 15th Jun 21
AI Stocks Strength vs Weakness - Why Selling Google or Facebook is a Big Mistake! - 14th Jun 21
The Bitcoin Crime Wave Hits - 14th Jun 21
Gold Time for Consolidation and Lower Volatility - 14th Jun 21
More Banks & Investors Are NOT Believing Fed Propaganda - 14th Jun 21
Market Inflation Bets – Squaring or Not - 14th Jun 21
Is Gold Really an Inflation Hedge? - 14th Jun 21
The FED Holds the Market. How Long Will It Last? - 14th Jun 21
Coinbase vs Binance for Bitcoin, Ethereum Crypto Trading & Investing During Bear Market 2021 - 11th Jun 21
Gold Price $4000 – Insurance, A Hedge, An Investment - 11th Jun 21
What Drives Gold Prices? (Don't Say "the Fed!") - 11th Jun 21
Why You Need to Buy and Hold Gold Now - 11th Jun 21
Big Pharma Is Back! Biotech Skyrockets On Biogen’s New Alzheimer Drug Approval - 11th Jun 21
Top 5 AI Tech Stocks Trend Analysis, Buying Levels, Ratings and Valuations - 10th Jun 21
Gold’s Inflation Utility - 10th Jun 21
The Fuel Of The Future That’s 9 Times More Efficient Than Lithium - 10th Jun 21
Challenges facing the law industry in 2021 - 10th Jun 21
SELL USDT Tether Before Ponzi Scheme Implodes Triggering 90% Bitcoin CRASH in Cryptos Lehman Bros - 9th Jun 21
Stock Market Sentiment Speaks: Prepare For Volatility - 9th Jun 21
Gold Mining Stocks: Which Door Will Investors Choose? - 9th Jun 21
Fed ‘Taper’ Talk Is Back: Will a Tantrum Follow? - 9th Jun 21
Scientists Discover New Renewable Fuel 3 Times More Powerful Than Gasoline - 9th Jun 21
How do I Choose an Online Trading Broker? - 9th Jun 21
Fed’s Tools are Broken - 8th Jun 21
Stock Market Approaching an Intermediate peak! - 8th Jun 21
Could This Household Chemical Become The Superfuel Of The Future? - 8th Jun 21
The Return of Inflation. Can Gold Withstand the Dark Side? - 7th Jun 21
Why "Trouble is Brewing" for the U.S. Housing Market - 7th Jun 21
Stock Market Volatility Crash Course (VIX vs VVIX) – Learn How to Profit From Volatility - 7th Jun 21
Computer Vision Is Like Investing in the Internet in the ‘90s - 7th Jun 21
MAPLINS - Sheffield Down Memory Lane, Before the Shop Closed its Doors for the Last Time - 7th Jun 21
Wire Brush vs Block Paving Driveway Weeds - How Much Work, Nest Way to Kill Weeds? - 7th Jun 21
When Markets Get Scared and Reverse - 7th Jun 21
Is A New Superfuel About To Take Over Energy Markets? - 7th Jun 21

Market Oracle FREE Newsletter

How to Protect your Wealth by Investing in AI Tech Stocks

Stock Market Very Negative Start to the Week

Stock-Markets / Stock Markets 2010 Jun 08, 2010 - 03:02 AM GMT

By: Harry_Boxer


Best Financial Markets Analysis ArticleThe stock market indices started the week on a down note, although in the beginning of the session they did try an early rally that failed right at resistance. They rolled over to new pullback lows on the Nasdaq 100, and made slight new lows on the S&P 500. They tried to work their way back up, but failed at the declining topslines, rolled over in the afternoon, bounced with about an hour to go, and then got slam-dunked into the close.

Net on the day, the Dow was down 115.48 at 9816.49, the S&P 500 down 14.41 at 1050.47, and the Nasdaq 100 down 33.88 at 1798.16, all close to their session lows.

Advance-declines were a little less than 3 to1 negative on the New York Stock Exchange and 5 to 1 negative on Nasdaq. Up/down volume was nearly 3 to 2 positive on New York, but almost 17 to 1 negative on Nasdaq.

Our Charts of the Day:
Tonight we update some of the Boxer Shorts we talked about over the weekend for our subscribers.

Aixtron Aktiengesellschaft (AIXG), which has quadruple tops up in the 38 area, came down hard, bounced, made a lower low, bounced to resistance, and is starting to fall away here. It looks like it could get down into the high teens at some point, but there is some support around 20. Today this stock was down 1.24 at 23.64.

Direxion Daily Financial Bear 3X Shares (FAZ) was up 84 cents, or 5%, today on 67.6 million shares traded. It followed through Friday's little pop. Like most of the ultra-short ETF, this stock formed a mini down-channel flag pattern consolidation, and has 4 waves down and is in a 5th wave up that could take this one up towards the 20 1/2 - 21 zone, my trading target.

Goldman Sachs (GS) broke an important bear flag today. There's a flag here. It was down 3.57, and appears to be headed down toward the high 120s. That's my trading target if it gets below 133.

IPath S&P 500 VIX Short-Term Futures ETN (VXX), which looks like one of the best ETFs out there right now on the short side, has had 4 waves with a 5th wave just starting. It looks like a move up to 40 - 41, my trading target. This target could be had in the next few days, particularly if we get a sharp drop in the indices, which appears to be imminent, but we'll see what kind of downside follow-through we get in the next few days.

Reviewing our Watchboard: board was nearly all negative, except for ultra-shorts ETFs, which were the only stocks up on our board today. The Direxion Daily Emrg Mkts Bear 3X Shares (EDZ) was up 2.51 at 55.76, the iPath S&P 500 VIX Short-Term Futures ETN (VXX) up 98 cents at 32.27, the Direxion Daily Financial Bear 3X Shares (FAZ) mentioned above, the Direxion Daily Large Cap Bear 3X Shares (BGZ) up 65 cents at 17.54, and the Direxion Daily Small Cap Bear 3X Shares (TZA) up 59 cents at 8.13.

On the downside, Dendreon Corp. (DNDN) lost 4.14 to 36.70. Delcath Systems Inc. (DCTH) got hammered for 3.82 down to 10.83. Coinstar Inc. (CSTR) gave back 3.40 to 51.01, Las Vegas Sands Corp. (LVS) 1.53 at 22.72, RINO International Corporation (RINO) 1.34 at 11.18, and Xyratex Ltd. (XRTX) 1.06 at 14.41.

Apple Inc. (AAPL) introduced a new iPhone, but nevertheless dropped 5.02 to 250.95. Google Inc. (GOOG) got hammered for 13.20 to 485.52, and Goldman Sachs (GS) fell 3.57 to 138.68. All in all it was quite a negative session for the indices.

Stepping back and reviewing the hourly chart patterns, the indices were up early but then had a strong 3-wave decline and ended near the session lows, with the NDX closing under 1800 and the SPX closing right near 1050. A very negative start for the week. Certainly there's potential for more rollover coming, as even though the indices are quite oversold here, the downside momentum has not been abated and may continue.

Good trading!


For more of Harry Boxer, sign up for a FREE 15-Day Trial to his Real-Time Technical Trading Diary. Or sign up for a Free 30-Day Trial to his Top Charts of the Week service.

(c) 2010 AdviceTrade, Inc. All rights reserved. Distributed only by written permission of AdviceTrade and The Technical Trader at . In using any portion of Harry Boxer's content, you agree to the terms and conditions governing the use of the service as described in our disclaimer at

Mr. Boxer's commentaries and index analysis represent his own opinions and should not be relied upon for purposes of effecting securities transactions or other investing strategies, nor should they be construed as an offer or solicitation of an offer to sell or buy any security. You should not interpret Mr. Boxer's opinions as constituting investment advice. Trades mentioned on the site are hypothetical, not actual, positions.

Harry Boxer Archive

© 2005-2019 - The Market Oracle is a FREE Daily Financial Markets Analysis & Forecasting online publication.

Post Comment

Only logged in users are allowed to post comments. Register/ Log in